SAMPLE PAPER - 5 ACCOUNTANCY CLASS-XII PART A ACCOUNTING FOR PARTNERSHIP FIRMS AND COMPANIES
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1 SAMPLE PAPER - 5 ACCOUNTANCY CLASS-XII Time allowed: 3hrs Maximum Marks: 80 General Instructions: 1) This question paper contains two parts A and B. 2) Part A is compulsory for all. 3) Part B is Financial statement Analysis. 4) Attempt only one option of Part B. 5) All parts of a question should be attempted at one place. PART A ACCOUNTING FOR PARTNERSHIP FIRMS AND COMPANIES 1. Any change in the relationship of existing partners which results in an end of the existing agreement and enforces making of a new agreement is called (a) Revaluation of partnership. (b) Reconstitution of partnership. (c) Realization of partnership. (d) None of the above. (1) 2. Karan, Nakul and Asha were partners in a firm sharing profits and losses in the ratio 3:2:1. At the time of admission of a partner, the goodwill of the firm was valued at Rs2,00,000. The accountant of the firm passed the entry in the books of accounts and thereafter showed goodwill at Rs2,00,000 as an asset in the Balance Sheet. Was he correct in doing so? Why? (1) 3. Anu, Bina and Charan are partners. The firm had given a loan of Rs20,000 to Bina. They decided to dissolve the firm. In the event of dissolution, the loan will be settled by: (a) Transferring it to debit side of Realization account. (b) Transferring it to credit side of Realization account. (c) Transferring it to debit side of Bina s capital account. (d) Bina paying Anu and Charan privately. (1) 4. Differentiate between Capital Reserve and Reserve Capital. (1) 5. Metacaf Ltd. issued 50,000 shares of Rs 100 each payable Rs20 on application (on 1st May 2012); Rs30 on allotment (on 1st January 2013); Rs20 on first call (on 1st July 2013) and the balance on final call (on 1st February 2014). Shankar, a shareholder holding 5,000 shares did not pay the first call on the due date. The second call was made and Shankar paid the first call amount along with the second call. All sums due were received. Total amount received on 1st February was: 1
2 (a) Rs15,00,000 (b) Rs16,00,000 (c) Rs10,00,000 (d) Rs11,00,000 (1) 6. Abha and Beena were partners sharing profits and losses in the ratio of 3:2. On April 1st 2013, they decided to admit Chanda for 1/5th share in the profits. They had a reserve of Rs25,000 which they wantedto show in their new balance sheet. Chanda agreed and the necessary adjustments were made in the books. On October 1st 2013, Abha met with an accident and died. Beena and Chanda decided to admit Abha s daughter Fiza in their partnership, who agreed to bring Rs2,00,000 as capital. Calculate Abha sshare in the reserve on the date of her death. (1) 7. State any three purposes for which securities premium can be utilized. (3) 8. Ankur and Bobby were into the business of providing software solutions in India. They were sharing profits and losses in the ratio 3:2. They admitted Rohit for a 1/5 share in the firm. Rohit, an alumni of IIT, Chennai would help them to expand their business to various South African countries where he had been working earlier. Rohit is guaranteed a minimum profit of Rs2,00,000 for the year. Any deficiency in Rohit sshare is to be borne by Ankur and Bobby in the ratio 4:1. Losses for the year were Rs10,00,000. Pass the necessary journal entries (3) 9. Newbie Ltd. was registered with an authorized capital of Rs5,00,000 divided into 50,000 equity shares of Rs10 each. Since the economy was in robust shape, the company decided to offer to the public for subscription 30,000 equity shares of Rs10 each at a premium of Rs20 per share. Applications for 28,000 shares were received and allotment was made to all the applicants. All calls were made and duly received except the final call of Rs 2 per share on 200 shares. Show the Share Capital in the Balance Sheet of Newbie Ltd.as per Schedule VI of the Companies Act Also prepare Notes to Accounts for the same. (3) 10. Drumbeats Ltd. had a prosperous shoe business. They were manufacturing shoes in India and exporting to Italy. Being a socially aware organization, they wanted to pay back to the society. They decided to not only supply free shoes to 50 orphanages in various parts of the country but also give employment to children from those orphanages who were above 18 years of age. In order to meet the fund requirements, they decided to raise 50,000 equity shares of Rs 50 each and 40,000 9% debentures of Rs 40 each. Pass the necessary journal entries for issue of shares and debentures. Also identify one value which the company wants to communicate to the society. (3) 11. Following is the Balance Sheet of Punita, Rashi and Seema who are sharing profits in the ratio 2:1:2 as on 31st March Liabilities Amount Assets Amount Creditors 38,000 Building 2,40,000 2
3 Bills Payable 2,000 Stock 65,000 Capitals: Debtors 30,000 Punita 1,44,000 Cash at bank 5,000 Rashi 92,000 Profit and Loss Account 60,000 Seema 1,24,000 3,60,000 4,00,000 4,00,000 Punita died on 30th September She had withdrawn 44,000 from her capital on July 1, According to the partnership agreement, she was entitled to interest on p.a. Her share of profit till the date of death was to be calculated on the basis of the average profits of the last three years. Goodwill was to be calculated on the basis of three times the average profits of the last four years. The profits for the years ended , and were Rs30,000, Rs70,000 and Rs80,000 respectively. Prepare Punita s account to be rendered to her executors. 12. Kanika and Gautam are partners doing a dry cleaning business in Lucknow, sharing profits in the ratio 2:1 with capitals Rs5,00,000 and Rs4,00,000 respectively. Kanika withdrew the following amounts during the year to pay the hostel expenses of her son. 1st April Rs10,000 1st June Rs9,000 1st Nov. Rs14,000 1st Dec. Rs5,000 Gautam withdrew Rs15,000 on the first day of April, July, October and January to pay rent for the accommodation of his family. He also paid Rs20,000 per month as rent for the office of partnership which was in a nearby shopping complex. Calculate interest on p.a. (4) 13. (a) A firm earned profits of Rs80,000, Rs1,00,000, Rs1,20,000 and Rs1,80,000 during , , and respectively. The firm has capital investment of Rs5,00,000. A fair rate of return on investment is 15% p.a. Calculate goodwill of the firm based on three years purchase of average super profits of last four years. (b) Kabir and Farid are partners sharing profits and losses in the ratio of 7:3. Kabir surrenders 2/10th from his share and Farid surrenders 1/10th from his share in favor of Jyoti, a new partner. Calculate new profit sharing ratio and sacrificing ratio. (6) 14. (a) Sunrise Company Ltd. has an equity share capital of Rs10,00,000. The company earns a return on investment of 15% on its capital. The company needed funds for diversification. The finance manager had the following options: (i) Borrow p.a. from a bank payable in four equal quarterly installments starting from the end of the fifth year (ii) Issue Rs5,00,000, 9% Debentures of Rs. 100 each redeemable at a premium of 10% after five years. To increase the return to the shareholders, the company opted for option (ii). Pass the necessary journal entries for issue of debentures. (b) Walter Ltd. issued Rs 6,00,000 8% Debentures of Rs 100 each redeemable after 3 years either by draw of lots or by purchase in the open market. At the end of three years, finding the market price of 3
4 debentures at Rs95 per debenture, it purchased all its debentures for immediate cancellation. Pass necessary journal entries for cancellation of debentures assuming the company has sufficient balance in DebentureRedemption Reserve. (6) 15. Ashish and Neha were partners in a firm sharing profits and losses in the ratio 4:3. They decided to dissolve the firm on 1st May From the information given below, complete Realisation A/c, Partner s Capital Accounts and Bank A/c: (6) Dr. Realisation A/c Cr. Liabilities Amount Assets Amount To sundry assets: -Machinery -Stock -Debtors To Bank: -Creditors To Ashish s Capital A/c: -Ashish s wife s loan To Neha s Capital A/c; -Realisation expenses To profit transferred to: 5,60,000 90,000 55, ,000 7,000 By Sundry liabilities: -Creditors -Ashish s wife s loan By Bank: -Machinery -Debtors By Ashish s Capital A/c: -Stock 1,28,000 -typewriter 70,000 By Neha s Capital A/c -Debtors 40,000 25,000 4,80,000 10,000 1,98,000 40,000 Ashish s capital A/c 4,000 Neha s capital A/c 3,000 7,000 7,93,000 7,93,000 Dr. Partner s Capital A/c Cr. Particulars Ashish(Rs) Neha(Rs) Particulars Ashish(Rs) Neha(Rs) To Realisation A/c To Bank A/c 4,00,000 4,50,000 By By By Dr. Bank A/c Cr. Particulars Amount Particulars Amount To Balance b/d By Realisation A/c _ To Realisation A/c 4,90,000 By Ashish s Loan A/c 4,000 By Ashish s Capital A/c 4,00,000 By Neha s Capital A/c 16. A and B are partners in a firm sharing profits and losses in the ratio 3:1. They admit C for a ¼ share on31st March 2014 when their Balance Sheet was as follows: Liabilities Amount Assets Amount 4
5 Employees Provident Fund Workmen s Compensation Fund Investment Fluctuation Reserve Capitals: A 17,000 6,000 4,100 54,000 Stock Debtors 50,000 Less: provision for doubtful debts 2,000 15,000 48,000 B 35,000 Investments Cash Goodwill 7,000 6,100 40,000 1,16,100 1,16,100 The following adjustments were agreed upon: (a) C brings in Rs16,000 as goodwill and proportionate capital. (b) Bad debts amounted to Rs3,000. (c) Market value of investment is Rs4,500. (d) Liability on account of workmen s compensation reserve amounted to Rs2,000. Prepare Revaluation A/c and Partner s Capital A/cs. OR X, Y and Z are partners in a firm sharing profits in proportion of 1/2, 1/6 and 1/3 respectively. The Balance Sheet as on April 1, 2014 was as follows: Liabilities Amount Assets Amount Employees Provident Fund Sundry Creditors General Reserve Capitals X Y Z 12,000 18,000 12,000 30,000 30,000 28,000 Freehold Premises Machinery Furniture Stock Debtors 20,000 Less : provision for doubtful debts 1,000 Cash 40,000 30,000 12,000 22,000 19,000 7,000 1,30,000 1,30,000 Z retires from the business and the partners agree that: (a) Machinery is to be depreciated by 10%. (b) Provision for bad debts is to be increased to Rs 1,500. (c) Furniture was taken over by Z for Rs 14,000. (d) Goodwill is valued at Rs 21,000 on Z s retirement. (e) The continuing partners have decided to adjust their capitals in their new profit sharing ratio after retirement of Z. Surplus or deficit if any, in their capital accounts will be adjusted through their current accounts. Prepare Revaluation A/c and Partners Capital A/c s. (8) 17. Amrit Ltd. issued 50,000 shares of Rs10 each at a premium of Rs2 per share payable as Rs3 on application, Rs4 on allotment (including premium), Rs2 on first call and the remaining on second call. 5
6 Applications were received for 75,000 shares and a pro-rata allotment was made to all the applicants. All moneys due were received except allotment and first call from Sonu who applied for 1,200 shares. All his shares were forfeited. The forfeited shares were reissued for Rs9,600. Final call was not made. Passnecessary journal entries. OR Velco Ltd. issued 30,000 shares of Rs 10 each at a discount of Rs1 per share payable as Rs3 on application, Rs2 on allotment, Rs2 on first Call and Rs2 on second call. Applications were received for 40,000 shares and a pro-rata allotment was made to all the applicants. All money due were received except allotment and first call from Mohit who had applied for 2,000 shares. His shares were forfeited after first call. Subsequently, the second call was duly made and duly received. Thereafter, the forfeited shares were reissued for Rs9 fully paid. Pass the necessary journal entries (8) PART B: ANALYSIS OF FINANCIAL STATEMENTS 18. Cash deposit with the bank with a maturity date after two months belongs to which of the following while preparing cash flow statement: (a) Investing activities (b) Financing activities (c) Cash and Cash equivalents (d) Operating activities. (1) 19. Finserve Ltd is carrying on a Mutual Fund business. It invested Rs 30,00,000 in shares and Rs15,00,000 in debentures of various companies during the year. It received Rs 3,00,000 as dividend and interest. Find out cash flows from investing activities. (1) 20. (a) Name the sub heads under the head Current Liabilities in the Equity and Liabilities part of the Balance Sheet as per Schedule VI of the Companies Act (b) State any two objectives of Financial Statements Analysis. (4) 21. (a) From the following details, calculate Opening inventory: Closing inventory Rs60,000; Total Revenue from operations Rs5,00,000 (including cash revenue from operations Rs1,00,000); Total purchases Rs3,00,000 (including credit purchases Rs60,000). Goods are sold at a profit of 25% on cost. (b) Current Assets of a company are Rs17,00,000. Its current ratio is 2.5 and liquid ratio is Calculate Current Liabilities and Inventory. (4) 22. Nimani Ltd. is into the business of back office operations. Honesty and hard work are the two pillars on which the business has been built. It has a good turnover and profits.encouraged by huge profits, it decided to give the workers bonus equal to two months salary. Following is the Comparative Statement of Profit and Loss of Nimani Ltd. for the years ended 31st March 2013 and (a) Calculate Net Profit ratio for the years ending 31st March 2013 and (b) Identify any two values which Nimani Ltd. wants to communicate to the society. Particulars Note Absolute Percentage No. (Rs) (Rs) Change change 6
7 Revenue from operations Less Employee benefit expenses 20,00,000 8,00,000 30,00,000 10,00,000 10,00,000 2,00, Profit before tax Tax rate 40% 12,00,000 4,80,000 20,00,000 8,00,000 8,00,000 3,20, Profit after tax 7,20,000 12,00,000 4,80, Following are the Balance Sheets of Krishna Ltd. as on 31st March 2013 and 2014: Particulars Note No (Rs) (Rs) EQUITY AND LIABILITIES (1) Shareholders Funds (a) Share capital (b) Reserves and Surplus (2) Non Current Liabilities Long term borrowings (3) Current Liabilities Trade Payables Short term Provisions ,00,000 5,00,000 5,00,000 1,00,000 80,000 10,00,000 4,00,000 1,40,000 60,000 60,000 Total 25,80,000 16,60,000 ASSETS (1) Non Current Assets (a) Fixed assets (i) Tangible assets (ii) Intangible Assets (2) Current Assets (a) Inventories (b) Trade Receivables (b) Cash and Cash Equivalents ,00,000 1,40,000 2,50,000 5,00,000 90,000 9,00,000 2,00,000 2,00,000 3,00,000 60,000 Total 25,80,000 16,60,000 Notes to Accounts: S.No. Particulars As on (Rs) As on (Rs) Reserves and Surplus Surplus (i.e. balance in Statement of Profit and Loss) Short Term provisions Provision for tax Tangible assets Machinery Less Accumulated depreciation 5,00,000 80,000 17,60,000 (1,60,000) 4,00,000 60,000 10,00,000 (1,00,000) 7
8 4. Intangible Assets Goodwill 1,40,000 2,00,000 Prepare a Cash Flow Statement after taking into account the following adjustment: (i) Tax paid during the year amounted to Rs 70,000. (6) 8
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